Lease Beat

High-End Jeweler Alexis Bittar Signs Lease for HQ in Dumbo Heights

77 Sands Street.

Trendy jeweler Alexis Bittar has signed a 10-year lease for its headquarters at Dumbo Heights, the complex owned by Kushner Companies, RFR Realty and LIVWRK.

First reported by The Real Deal, Alexis Bittar is moving its office headquarters to the entire 10th floor, an 18,800-square-foot space, at 77 Sands Street. TRD noted that asking rent for the space is $58 per square foot. The company will relocate from 45 Main Street in Dumbo. Read More

Sales Beat, ICSC 2015

Bill Ackman and Georgetown Close on 787 11th Avenue, Plan for Rooftop Tennis

787 11th Avenue.

A partnership between The Georgetown Company and Bill Ackman has closed on 787 11th Avenue, Commercial Observer has learned, and plans to build a tennis court atop the building.

Mr. Ackman’s hedge fund, Pershing Square Capital Management, will move into part of the eight-story building, a source with knowledge of the sale said. Georgetown chief executive officer Adam Flatto led the purchase, and brought Mr. Ackman in as a partner, the source added.   Read More

ICSC 2015

Asian-Fusion Restaurant Signs Lease at SI’s Empire Outlets

empire-outlets

Yong Kang Street, an eatery featuring a mix of Chinese, Japanese and traditional Taiwanese cuisine, has signed a lease for 3,500 square feet at the Empire Outlets on Staten Island, according to a press release issued by BFC Partners, the developer of the outdoor mall.

Yong Kang Street will open in late 2016, the release noted, and will be one of the roughly 100 shops to open at that time at the 1-million-square-foot development which will include a hotel, 12 restaurant concepts and a parking garage. Read More

Lease Beat

Raymour & Flanigan Signs Lease at Major Harlem Development

100 West 125th Street.

Raymour & Flanigan, the American furniture store that began in 1947 in Syracuse, N.Y., has signed a lease at Jeff Sutton’s Wharton Properties’ six-story retail development on West 125th Street in Harlem.

According to The New York Post, the company has taken 40,000 square feet on the second floor of the 200,000-square-foot building at 100 West 125th Street. Other tenants who have signed leases at the development, set to open in 2016, include Whole Foods, American Eagle Outfitters, Burlington Coat Factory and the Olive Garden. Read More

Finance, Sales Beat

Bank of China Finances Beijing Insurance Company’s 717 Fifth Avenue Buy

717 Fifth Avenue.

Anbang Insurance Group, the Beijing-based insurance company that bought the Waldorf Astoria for $1.95 billion, closed on its purchase of 717 Fifth Avenue’s office space with a $260 million acquisition loan from Bank of China, Commercial Observer has learned.

Anbang acquired the 26-story tower—minus its luxury retail portion—from Blackstone Group for about $415 million, giving the debt deal a loan-to-cost ratio of just over 60 percent, a person with knowledge of the deal confirmed. Read More

Renderings

Bright Offices, Open Lobby Among Highlights in 3 Hudson Boulevard Video

3 Hudson Boulevard

The Moinian Group’s new video for 3 Hudson Boulevard is appealing to the everyday subway rider, as well as the helicopter and Mercedes crowd.

Marketing materials for the glassy Far West Side office tower, between West 34th and West 35th Streets, give an inside view of what the planned building will look like. Among its features are open, shared work spaces and floor-to-ceiling windows that oversee Midtown and the Hudson River. There is a bright open lobby that overlooks a public plaza filled with fountains and greenery. Read More

Sales Beat

90K-Square-Foot Bronx Property Trades for $9M

1351 and 1339 Jerome Avenue in the Bronx.

A 90,000-square-foot property at 1351 and 1339 Jerome Avenue connected to 1320 and 1342 Inwood Avenue has sold for $9 million to Jerome Avenue Storage Associates LLC, operating under American Self-Storage.

American Self-Storage is one of two current tenants at the property; it has held a lease with the option to buy since 2011. There is also a 12,000-square-foot Antillana Supermarket at the property. Read More

Finance

Daten Builds Rental On One of Downtown Hoboken’s Last Available Parcels

A rendering of 600 Harrison Street.

Developer The Daten Group secured a $15 million construction loan to build a seven-story, 46-rental unit building in downtown Hoboken, at 600 Harrison Street—one of the last viable spots for development in the tony Manhattan-adjacent city.

The 67,000-square-foot building was designed by Nastasi Architects and features a washer-dryer in each apartment, a gym, outdoor recreation space and a 32-spot parking garage, according to representatives for Daten. Read More

Finance

Sorting House Construction Underway With $25M From Pacific West Bank

A rendering of The Sorting House.

The Sorting House, a 30-unit condominium project underway atop a post office in Hell’s Kitchen, received $24.7 million in construction funds, a representative for the developer told Commercial Observer.

The loan for the development, at 318 West 52nd Street, was provided by CapitalSource, the commercial lending arm of Pacific West Bank, according to the representative. Ackman-Ziff brokered the deal. Read More

Feature

Silicon Bowery: Does the Bowery Own the Future of Manhattan Creatives?

Artist Shepard Fairey Puts New Mural Up In Manhattan's Little Italy Neighborhood

Adrian Hopkins likes the Bowery so much as a work neighborhood that he organizes area walks for new staff and colleagues at peer companies in the area. He likes to take people out and show them the spots that represent the spirit that, he believes, makes it the right part of Manhattan for a technology-oriented, entrepreneurial company to be based. Mr. Hopkins is the director of strategy for Bureau Blank, a creative agency that’s focused on organizations and government more than media and industry.

Bureau Blank operates out of 273 Grand Street, a building between Forsyth and Eldridge, that’s so old school it actually still has an elevator operator manually running people up and down the floors. The building is home to everything from a public relations firm to a Chinese men’s club.  Read More

Finance

Capital One Lends On Cammeby’s 1501 Lexington Avenue Purchase

1501 Lexington Avenue.

Capital One Multifamily Finance provided a $59 million acquisition loan to Cammeby’s International for its purchase of a 12-story apartment building on Manhattan’s Upper East Side, city records show.

Rubin Schron’s real estate firm bought the property at 1501 Lexington Avenue from its developer, the New York-based Sigety family, for $92 million. The acquisition and financing both closed on May 12. Read More